Juventus Football Club S p A : Consolidated half-yearly financial report at 31 December 2020

CONSOLIDATED HALF- YEARLY FINANCIAL REPORT AT

31 DECEMBER 2020

Approved by the Board of Directors on 25 February 2021

Report on Operations
Board of Directors, Board of Statutory Auditors and Independent Auditors	pg. 3
Significant events in the first half of the 2020/2021 financial year	pg. 4
Review of the results for the first half of the 2020/2021 financial year	pg. 7
Significant events after 31 December 2020	pg. 10
Business outlook	pg. 12
Main risks and uncertainties	pg. 12
Consolidated condensed half-yearly financial statements at 31 December 2020
Consolidated statement of financial position	pg. 13
Consolidated income statement	pg. 15
Consolidated statement of comprehensive income	pg. 15
Statement of changes in shareholders' equity	pg. 16
Statement of cash flows	pg. 17
Notes to the financial statements	pg. 18
Certification pursuant to Article 154-bis of Italian Legislative Decree no. 58/98	pg. 57
Independent Auditors' Report	pg. 58

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This document is available on the website www.juventus.com

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BOARD OF DIRECTORS, BOARD OF STATUTORY AUDITORS AND INDEPENDENT AUDITORS

Board of Directors
Chairman	Andrea Agnelli
Vice Chairman	Pavel Nedved
Non-independent Directors	Maurizio Arrivabene
	Francesco Roncaglio
	Enrico Vellano
Independent Directors	Paolo Garimberti
	Assia Grazioli Venier
	Caitlin Mary Hughes
	Daniela Marilungo

Remuneration and Appointments Committee

Paolo Garimberti (Chairman), Assia Grazioli Venier and Caitlin Mary Hughes

Control and Risk Committee (also responsible for matters concerning "related parties" as the "Committee for Transactions with Related Parties")

Daniela Marilungo (Chairman), Paolo Garimberti and Caitlin Mary Hughes

Board of Statutory Auditors
Chairman	Paolo Piccatti
Auditors	Silvia Lirici
	Nicoletta Paracchini
Deputy Auditors	Roberto Petrignani
	Lorenzo Jona Celesia
Independent Auditors
EY S.p.A.

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Expiry of the terms of office

The terms of office of the members of the Board of Directors and the Board of Statutory Auditors will expire on the date of the Shareholders' Meeting called to approve the financial statements at 30 June 2021.

The appointment of the Independent Auditors will expire on the date of the Shareholders' Meeting called to approve the financial statements at 30 June 2021.

Half-yearly financial report at 31 December 2020 - Interim Report on Operations

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SIGNIFICANT EVENTS IN THE FIRST HALF OF THE 2020/2021 FINANCIAL YEAR

Effects of the Covid-19 pandemic

The national and international scenario of the first half of the 2020/2021 financial year continues to be characterised by the impacts from the Covid-19 pandemic and the resulting restrictive measures for containment imposed by administrative, health and sports Authorities.

With the exception of the match on 20 September 2020 (Juventus vs Sampdoria), played at home with an audience limited to a maximum of one thousand invited spectators, these restrictive measures have not allowed, and currently do not allow, matches to be held with the public in attendance (effectively cancelling ticket sales). Moreover, the pandemic containment measures implemented with the Italian Prime Ministerial Decree of 3 November 2020 (as subsequently confirmed and amended) entailed, in different phases, the closure to the public of the J Museum and stores, consequently having a negative impact on visitor and merchandising revenues.

It should also be noted that the Covid-19 health emergency resulted in the postponement, to July and August 2020, of national and international competitions for the 2019/2020 season, thereby causing the respective revenues from television rights to be recognised in the current year.

During the first half of the 2020/2021 financial year, the protraction of the Covid-19 pandemic generated a significant negative impact on revenues (mainly from ticket sales and product sales), which can be quantified as € 50 million; conversely, the impact on costs was not significant, since some savings related to the lack of matches were partly offset by costs related to the pandemic (mainly health safeguards and protective devices).

The Football Season

On 26 July 2020, Juventus won the 2019/2020 Serie A championship for the ninth year in a row (38th league title in the football team's history), with two games to spare, and gained direct entry to the Group Stage of the UEFA Champions League 2020/2021.

On 8 August 2020, the Company changed the First Team's technical management, with Maurizio Sarri relieved of his post along with his staff. The new First Team manager is Andrea Pirlo, with whom Juventus signed a contract until 30 June 2022. Similar agreements were signed with members of the technical staff.

In December 2020, the First Team qualified for the round of sixteen of the UEFA Champions League 2020/2021, ranking first in its group.

National licence

On 20 August 2020, the FIGC's appointed bodies, after reviewing documentation submitted by Juventus and material sent by the Lega Nazionale Professionisti Serie A, issued the club with the National License for the current football season.

2020/2021 Transfer Campaign - first phase

Acquisitions and disposals of players' registration rights

The transactions finalised in the first phase of the 2020/2021 Transfer Campaign, held from 1 September to 5 October 2020, led to a total increase in invested capital of € 43.6 million, resulting from acquisitions and increases of € 43.8 million and disposals of € 0.2 million (net book value of disposed rights). Net expenses deriving from temporary transfers came to € 9.4 million.

The net capital gains generated by the disposals came to € 0.8 million.

The total net financial commitment of € 50.6 million is spread over three years, and includes auxiliary expenses and implicit financial income and expenses on deferred receipts and payments.

For further details, please refer to the Notes accompanying the half-yearly financial report at 31 December 2020.

Consolidated Half-Yearly Financial Report at 31 December 2020

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Termination of players' registration rights contracts

In August and September 2020, the contracts with the players Blaise Matuidi and Gonzalo Gerardo Higuain, both expiring on 30 June 2021, were terminated by mutual consent. The economic effects of these terminations were entirely recognised in the financial statements at 30 June 2020.

Renewals of players' contracts

During the first half of the 2020/2021 financial year, the contracts of players Dejan Kulusevski (up to 30 June 2025) and Christian Romero (up to 30 June 2025) were renewed.

These renewals will result in overall lower amortisation for the 2020/2021 financial year of approximately € 1.4 million.

Jeep sponsorship contract

In consideration of the mutual satisfaction of the partnership between Juventus and the Jeep brand from the 2012/2013 football season, Juventus and FCA Italy S.p.A. reached an agreement in December 2020 to renew the sponsorship of the match jersey for the 2021/22, 2022/23 and 2023/24 football seasons. The agreement provides for a base fee for each season of € 45 million and variable components based on team results.

B&W Nest consolidation

On 3 July 2020, Juventus acquired from Lindbergh Hotels S.r.l. its equity investment (equivalent to 60%) in B&W Nest S.r.l. (company that manages the J Hotel); as a result of said acquisition, Juventus holds the entire share capital of B&W Nest S.r.l.

Hence, the Company is now required to prepare consolidated financial statements; to date the scope of consolidation includes exclusively Juventus and B&W Nest S.r.l.

Appointment of new Chief Financial Officer and Manager responsible for preparing the financial reports

On 11 July 2020, the professional relationship with Marco Re, Chief Financial Officer and Manager responsible for preparing the financial reports, was terminated. The Board of Directors, which met on 12 July 2020, appointed Stefano Bertola as the pro-tempore Manager responsible for preparing the financial reports, pursuant to Article 154-bis of Italian Legislative Decree no. 58 of 24 February 1998 and after hearing the favourable opinion of the Board of Statutory Auditors, given the requirements of the By-laws for the position were met. Stefano Bertola was also appointed as the Company's Chief Financial Officer, on a pro-tempore basis. This succession in the role of Chief Financial Officer took place following a functional and operational evaluation of the Company's Services Area, i.e., the area dealing with administrative/financial and service activities.

Revision of the organisational and operational model and new senior management organisational structure

As part of the process of revising the operational and organisational model that was launched in May 2020 and is currently ongoing, the Company adopted a new organisational structure that involves the concentration of its activities in two macro-structures: the Football Area and the Business Area.

The coordination of each area is assigned to a Managing Director, who reports directly to the Executive Chairman, Andrea Agnelli: Fabio Paratici, for the Football Area, and Stefano Bertola, for the Business Area.

Ordinary Shareholders' Meeting of 15 October 2020

The Ordinary Shareholders' Meeting of 15 October 2020, in which those individuals entitled to vote participated exclusively through the designated representative without physical attendance by the shareholders, in order to minimise the risks associated with the health emergency linked to the Covid-19 pandemic, approved the financial statements at 30 June 2020, which closed with a loss of €89.7 million (compared to a loss of €39.9 million in the 2018/2019 financial year), covered by using the share premium reserve.

Consolidated Half-Yearly Financial Report at 31 December 2020

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